ICCI urge traders to pay regular tax

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) Thursday urged upon the traders to pay regular tax and play their positive role in economic development of country.

“The ICCI has always been advocating for enhancing tax net instead of overburdening the existing taxpayers and it is encouraging that government has made some progress to this direction,” Senior Vice President of the chamber, Khalid Chaudhry said while addressing a delegation of Traders Welfare Association, PWD here.

He said that the government has taken many initiatives in the new budget to expand tax net due to which tax revenue is expected to improve.

He informed the traders that now all commercial connections will be provided on obtaining of NTN and they should prepare themselves for registration in tax net.

He said budget 2014-15 has proposed to charge 5 percent tax on retailers having monthly electricity bill up to Rs.20,000 and 7.5 percent on more than Rs.20,000.

Khalid Chaudhry said there were around 8.0 million commercial connection holders who pay advance withholding tax, but those who don’t file returns, remain out of tax net, so they should file returns to become regular taxpayers.

He assured traders that ICCI would continue to work for resolving their problems and to facilitate them in their business pursuits.

Speaking at the occasion, Ch. Riasat, President, Traders Welfare Association, PWD, Islamabad highlighted the issues being faced by the local business community.

He said there are about 2000 traders in PWD, Pakistan Town and Police Foundation localities, but absence of rent control act was their biggest issue due to which they always feel insecure. He said ICCI should play its role for early promulgation of a balanced rent control act in Islamabad.